How to get rich playing poker, part 1: The Matthew Effect

 How to become rich playing poker: Part 1: The Matthew Effect

One might accuse me, if you are a regular reader of my column, of being cynical. I am always ranting about how poker is luckier than most people realize and that every player should be less excited by good results. This month I am changing my mind. I'll show you how easy it is to become a millionaire playing poker.

This is especially true right now as poker is still in its infancy. There are lots of people searching for value out there, but there isn't much to be found. There are plans in place, regulators have been discussed, and we will soon see our second boom. The right people will have the right attitude, and there will be plenty more marketing dollars available.

Before I go, I want you to know about another way to earn money playing poker. It's only fair, I'm going to tell you the easy way. So at least let me continue to talk about the difficult ways.

"Grinding" refers to the difficult way. John Turturro's character in Rounders does it. Matt Damon plays the character of Matt Damon, who takes his entire bankroll to play head-tohead against the most fearsome person in town. (And promptly loses it, with A-9 against A-9-9-9 board; OMG. FML. etc. Joey Knish is a boring old guy who plays only the best games.

When you do it the hard way, you can take a shot at the next level even if you lose the whole lot. This means you'll have to play the higher levels for several months, if not years, before you can afford the bankroll, courage, and skills necessary to continue playing. Continue the process until you reach the next level. Keep going while you take money out of your bankroll for living.

This doesn't sound like a lot fun, right? Let's get on with the easy part. The first step is to become incredibly lucky. It is common to get this result by winning one, but more often now, two or three very high-profile, live tournaments. That's just phase 1. Phase two will allow you to exploit your luck and become a true expert. This is where you want to make a living playing poker. You can do this by sponsoring a website or appearing on TV poker shows. You'll still be a winner, no matter what happens. I've stated it before and will repeat it again: The people who made real money during the Gold Rush sold picks, shovels and stock market trading. These traders make a commission no matter what happens to the stock market.

Don't worry about being accused of being a charlatan. Remember that the long-term is poker and it is not easy to recognize bad results in live tournaments as bad play, even if they last a year. This protects you, so the only people that can convince you that you are valuable for your salary is the ones who fund your buy-ins. Remember that "value" does not always depend on your poker skills (see Shannon Elizabeth, for instance).

But that's just the beginning. The clever thing about tournaments is that neither television shows, magazines, or online databases such The Hendon Mob record how much money you lose. Only how much you win. You will see a rise in your participation in tournaments if you keep winning. This will justify your status as a prominent player. The "Matthew Effect" is the name of this phenomenon, which has been known since biblical times. 

For all who have, there will be more, and they'll have an abundance. But for those who don't have anything, everything will be taken from them.

Matthew, 25:29

The Matthew Effect basically means that the rich get wealthier, and the poor become poorer. There are many areas where the Matthew Effect can be observed. Eminent scientists in academia will often receive more credit than an unknown researcher because of their work in the same area. The likelihood of film directors having a hit is higher that they will have a large following and be able to raise big money to finance their next projects. Director's success will be boosted by a larger marketing budget, better finishing touches on the film (probably more actors, and perhaps even a better script), and increased funding.

The Matthew Effect can be easily observed in the poker industry. Let's take the WSOP Main Event for example. Every year, one of the thousands entrants will rise to stardom in poker. No matter how random the selection, (it's a last-person-standing tournament: someone must win), the Matthew Effect will give them a sponsorship deal worth seven figures, allow them to travel the globe giving interviews, enter into television poker shows, and basically live the high life of poker.

This goal can one be deliberately pursued? You can, but not necessarily. You can see that phase one is about getting lucky. You cannot do this deliberately, but you may be able put yourself into situations where luck might count. Common sense might also help. Even though winning the Main Event would guarantee you poker stardom, it may not be wise to put $10k down on a 7,000-1 shot when your usual hourly rate is $50. It's back to boring Joey Knish. how to become rich at online poker